South America Continuous Glucose Monitoring Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Diabetic Patients, Critical Patients), By End User Industry (Hospitals, Diagnostic Centers And Clinics, Home Care), And By Country - Forecasts From 2023 To 2028

The South America CGM market is expected to grow at a CAGR of 14.35%, from an initial value of US$78.549 million in 2021 to US$200.839 million by 2028.

Continuous sugar monitoring (CGM), sometimes referred to as sugar continuous glucose monitoring, automatically monitors blood glucose throughout the day. Making more educated choices about maintaining daily medication use, a healthy diet, and physical activity can be aided with real-time glucose monitoring. A small sensor used in CGM is implanted beneath the skin, often on the arm or abdomen. The sensor picks up interstitial glucose, which is present in the intercellular fluid. The sensor examines the glucose level every few minutes, and wireless data transmission sends the results to a monitor.

Moreover, the closed-loop bionic/artificial pancreas has been given a blueprint all because of CGMS-based technologies. Thus, businesses that manufacture glucose monitoring devices concentrate largely on creating novel and cutting-edge CGMS. It has several applications for healthcare settings (hospital ICUs, diagnostic centers, and clinics), for all age groups, and geographical locations. As a result, the market for continuous glucose monitoring devices offers huge potential for producers of insulin pumps and glucose monitor patches. A growing awareness of diabetes preventative care, new product debuts, government efforts, and the CGM device market are the major market drivers for CGM Market.

The majority of South American nations failed to put timely diabetes prevention strategies in place, which might have detrimental effects on people, health systems, and economies. Due to the high incidence of Type-2 diabetes in Mexico and other South American nations, the region is noted for having a large number of diabetic patients. The rise of Type-2 diabetics over the past 40 years has been largely attributed to the gradually rising obesity incidence and genetic vulnerability to the disease. Nowadays, about 10% of the population suffers from diabetes. The availability of primary healthcare systems and coverage for noncommunicable illnesses increased service coverage, and growth in the number of skilled healthcare workers made it possible for continuous glucose monitoring to reach out to the local population.

CGM sensors hold the maximum share of continuous glucose monitoring in South America's market.

The CGM sensor is the most crucial part of continuous glucose monitoring equipment. Growth in the category is anticipated to be fueled by technical developments that increase sensor accuracy throughout the projected period. Continuous glucose monitoring has grown in popularity as a portable finger-prick glucometer substitute for diabetic patients. Additionally, modern continuous glucose monitoring systems may either download data to illustrate trends in blood glucose levels or use receiver displays to show glucose levels in real-time.

The expansion is anticipated to be fueled by the continuous glucose monitoring devices' growing convenience for consumers.

As the display of glucose trend graphs and direction arrows allow diabetic patients to anticipate deflection in glucose highs and lows regularly throughout the day, this may increase demand for continuous glucose monitoring devices, which in turn may increase market demand. Increasing convenience offered by continuous glucose monitoring devices is expected to drive the growth of the South American continuous glucose monitoring device market. The use of long-lasting sensors in continuous monitoring devices does not require frequent replacement which adds to the convenience in the usage and will drive the market.

Brazil is projected to be the prominent market shareholder in the CGM Market in South America and is anticipated to continue throughout the forecast period.

Partnerships with private groups have also been developed in many areas where the public sector is unable to satisfy people's demands to expand access to PHC. The Brazilian healthcare system offers several programs that include a 20% increase in access to necessary medications. Brazil offers a comprehensive array of free vaccinations. Brazil now holds the sixth-highest population ranking in the world and has the fourth-highest rate of diabetes prevalence. To lower the nation's mortality rate, the Brazilian government is urging diabetics to use the drug. The Brazilian Ministry of Health worked with private pharmacies to give free access to three oral diabetes medications—5 mg glibenclamide, 500 mg, and 850 mg metformin—as well as two forms of insulin—regular human insulin and isophane insulin or NPH—to anyone with diabetes. As diabetic patients are increasing the need to monitor glucose levels is growing significantly, making Brazil a prominent market shareholder.

Market Key Developments

• In January 2023, Dexcom, Inc., a leader in real-time continuous glucose monitoring for diabetics, announced today that Medicare recipients would be able to purchase its newest Dexcom G7 CGM System.
• In September 2021, Results from LifeScan's Tu Salud (Your Health) clinical trial showed that using its OneTouch Verio Flex meter with a Spanish-language version of its OneTouch Reveal mobile application (app) led to a significant and sustained improvement in the management of diabetes in people with diabetes who also had low numeracy and low literacy in an underserved Hispanic population.

South America Continuous Glucose Monitoring Market Scope:

Segmentation:

• By Application
  • Diabetes Patients
  • Critical Patients
• By End-User Industry
  • Hospitals
  • Diagnostic Centers & Clinics
  • Home Care
• By Country
  • Brazil
  • Argentina
  • Others